Metals continue to rally, but stronger pound wipes out some sterling gains

All metals were up on the LME yesterday, but a stronger pound meant aluminium and lead actually dropped in sterling.

Chinese buyers and institutional purchasers continued to buy metals seeing bargains, which helped to push the price up in dollars for all metals.

Copper was up to $7,539 (£4,825) on Tuesday from $7,240 (£4,665) on Monday.

Aluminium was up to $2,231 on Tuesday from $2,220 a day earlier. However, with the $/£ exchange rate moving from 1.5521 on Monday to 1.5624 yesterday meant that the sterling price fell from £1,430 to £1,428.

Alloy was up to $2,240 (£1,434) yesterday from $2,190 (£1,411) on Monday.

Although lead was up to $1,981 on Tuesday from $1,974 a day earlier, in sterling it was down to £1,268 from £1,272 on Monday.

Nickel bounced up to $18,725 (£11,985) on Tuesday from $18,395 (£11,852) the day before. Tin increased to $21,695 (£13,886) from $20,555 (£13,243) on Monday.

Zinc was up to $1,934 (£1,238) on Tuesday compared to $1,892 (£1,219) on Monday. Steel was at $550 (£352) on Tuesday from $540 (£348) the day before.